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Instead, using an emergency decree that came into effect earlier this year, authorities wrote an entirely new law.

The result is the Digital Asset Business Decree, which defines both cryptocurrencies (a medium of exchanging goods) and digital tokens (rights to participate in an investment, or to receive specific goods). The government also amended its tax law so it can extract some revenue from the budding industry.

Like almost everything in the crypto world, the new move copped criticism from all sides. True believers are aghast that regulators even dare, well, regulate. More conservative elements see downsides in even giving these upstarts any credibility.


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